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John just opened a savings account and wants to maximize the amount of interest he earns. Which Savings Account Will Earn You The Most Money?
A) Keep most of your savings in your checking account
B) Put aside money for savings each month
C) Choose the savings account with the lowest interest rate
D) Put anything you can’t afford on your credit card.
Answer
Which Savings Account Will Earn You The Most Money? – Put aside money for savings each month.
EverFi Module 1 Savings Answers
B.) Compounding 4 times a year
C.) Compounding monthly
D.) Compounding daily*
B.) Certificate of Deposit (CD)*
C.) Checking account
D.) Cash
B.) Certificate of Deposit (CD)*
C.) Money Market Account
D.) Checking Account
B.) the amount owed for borrowing money*
C.) the amount added into your savings when opening a bank account
D.) a charge for the convenience of accessing money stored in your bank account
B.) stop you from spending too much money.
C.) increase the balance of your savings account
D.) tell you how much you owe the government in taxes
B.) People should evaluate different forms of savings vehicles based on their needs.*
C.) Savings vehicles are never insured.
D.) All of the above
B.) Monthly Compounding
C.) Daily Compounding
D.) Semi-Annual Compounding
B.) Money Market Account
C.) Checking Account
D.) Both A & B*
B.) Certificate of Deposit (CD)*
C.) Checking account
D.) All of the above
B.) compound; highest*
C.) simple; lowest
D.) simple; highest
B.) Longer time periods usually have no affect on interest rates.
C.) Longer time period usually equals higher interest rates.*
D.) Shorter time periods usually have no affect on interest rates.
B.) Purchasing medicine for their asthma.
C.) Transportation to get to and from school.
D.) Buy fewer school books.
B.) Put aside money for savings each month*
C.) Choose the savings account with the lowest interest rate
D.) Put anything you can’t afford on your credit card
B.) Leaving his money in the account for long period of time.
C.) Transferring money into his checking account each month.
D.) Both A & B*
B.) Checking Account*
C.) Investment Retirement Account (IRA)
D.) Money Market Account
B.) Savings Account
C.) Money Market Account
D.) Checking Account*
B.) Shoes
C.) Designer Sneakers*
D.) A warm winter coat
B.) Gatorade
C.) Food*
D.) Pizza
B.) Daily Compounding*
C.) Annual Compounding
D.) Semi-Annual Compounding
B.) Budget for unexpected events in before expected expenses.
C.) Budget for your needs before your wants.*
D.) Budget for expected events before unexpected expenses.
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